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News || Ghitha
The UAE market experienced much
turbulence in 2020… and yet it was a year that witnessed several
acquisitions and consolidation plays. On a macro level, the market has
reached a recovery phase, with Abu Dhabi Securities
Exchange recording a weekly growth
of 6.54 per cent and Dubai Financial Markets by 1.23 per c ent for the
week ending January 21.
The holding company IHC, established
in 1999, generated strong revenues in the third quarter, and had a
market value of Dh71.05 billion. Its stock surged approximately 622 per
cent last year an d outperformed the ADX General
Index by quite a distance.
Pick up a nice deal
In
December, the firm announced secondary market listings for three
subsidiaries: Palms Sports, Easy Lease and Ghitha Holding. This seems to
be part of IHC’s strategy to unlock value from its assets.
This
week, Ghitha Holding announced an acquisition in less than a month of
going public. The retail subsidiary – which specialises in trading,
importing, repackaging, wrapping, and distributing food and non-food
products
– has established itself among local
consumers. It wishes to expand into international markets to be a major
importer and re-exporter.
Synergies
The firm aims to generate further
revenues and profits by developing logistics and warehousing facilities.
The assets of Ghitha Holding were at Dh189 million as of September, and
the annual turnover was reported as Dh300 million. The IHC subsidiary
bought
60 per cent of a privately held food
supplier Royal Horizon, for $21 million.
Royal Horizon has several food
outlets in Ajman, Ras Al Khaimah and plans to have four more stores by
2025. The horizontal merger will have immense synergy advantages for
Ghitha Holding logistically and enhance its footprint in retail food
space.
Cash dominant
The acquisition was a
cash-denominated agreement, of which Dh40 million is payable to
shareholders as a dividend, and the remaining infused into Royal Horizon
for capex purposes.
Zee stock’s share price is expected
to rise due to improved economies of scale, increased diversification
and technological capacity since the merger was horizontal in nature.
The subsidiary expects further growth, and
thus the outlook for IHC is also one
of optimism.
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